Wealth Taxation

Senators Chris Van Hollen and Cory Booker, both eyeing 2028 presidential runs, introduced sweeping tax plans featuring record surtaxes on millionaires and huge middle-class cuts. Van Hollen's bill imposes up to 12% surtaxes on incomes above $5 million, while Booker would raise top rates to 43% and eliminate income tax on the first $75,000 for families. Bernie Sanders and Elizabeth Warren separately proposed wealth taxes projected to raise $4.4 trillion and $6 trillion respectively over a decade. The proposals signal Democrats' sharp leftward turn on fiscal policy ahead of the midterms.